how do I figure out mortgage payment term?

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Dillon and Associates

I have an amortization schedule in Excel so that I can easily figure
out what my monthly payment would be for a loan with a certain
principal, interest rate and number of payments.

However, I'm trying to determine an easy way to figure out how many
payments it would take to pay off a loan with a certain pricipal,
interest rate and a monthly payment amount that is already set. For
example, how many months would it take to pay off a loan of $100,000
at 6.0% if I pay $1,200 every month.

If you know this, please email me at (e-mail address removed).

Thank you in advance.

Nate
 
$100,000
at 6.0% if I pay $1,200 every month.
Click to expand...

Look at the NPER function. In your example:

=NPER(Rate/12,-Pmt,Principal) or a fraction more than 108 monthly payments.
--ron
 
Another way would be to se up a PMT() function, then do a Goal Seek for the
number of months.
 
There is an excel template available from microsoft that is all set to
do this.
 
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